Oil prices eased on Thursday after earlier gains as markets assessed the escalating conflict between the U.S. and Iran and its implications for efforts to end the war and fully reopen the
Oil prices eased on Thursday after earlier gains as markets assessed the escalating conflict between the U.S. and Iran and its implications for efforts to end the war and fully reopen the Strait of Hormuz.
Brent crude futures were down 11 cents, or 0.1%, to $77.91 a barrel at 1322 GMT. U.S. West Texas Intermediate crude futures dropped 38 cents, or 0.5%, to $73.14 a barrel.
Brent and WTI crude futures hit their highest levels since June 22 on Wednesday.
Still, New York Federal Reserve President John Williams said on Thursday that markets expect oil prices to decline over the next six to 12 months, a view he said was reasonable.
Both crude benchmarks rose more than a dollar in post-settlement trade on Wednesday after the U.S. launched strikes on Iran, which responded with attacks on Kuwait and Bahrain.
"Generally (it's) a very nervous market ... any news that dampens the prospect of a peace deal is adding a bit to the market," Saxo Bank analyst Ole Hansen said.
Iranian forces targeted U.S. military infrastructure in neighbouring Gulf states on Thursday following U.S. strikes on Iran's southern coastal and eastern provinces, further straining a three-week-old ceasefire agreement.
Iran fired 10
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